Archive for Equity Line of Credit

Student loan consolidation

In the United States, federal student loans are consolidated somewhat differently, as federal student loans are guaranteed by the U.S. government. In a federal student loan consolidation, existing loans are purchased and closed by a loan consolidation company or by the Department of Education (depending on what type of federal student loan the borrower holds). Interest rates for the consolidation are based on that year’s student loan rate, which is in turn based on the 91-day Treasury bill rate at the last auction in May of each calendar year.

Student loan rates can fluctuate from the current low of 4.70% to a maximum of 8.25% for federal Stafford loans, 9% for PLUS loans. The current consolidation program allows students to consolidate once with a private lender, and reconsolidate again only with the Department of Education. Once the student has consolidated their loans, the loans are set to a fixed rate based on the year they consolidated; reconsolidating does not change that rate.

Federal student loan consolidation is often referred to as refinancing, which is incorrect because the loan rates are not changed, merely locked in. Unlike private secton debt consolidation, student loan consolidation does not incur any fees for the borrower; private companies make money on student loan consolidation by reaping subsidies from the federal government.

Student loan consolidation can be beneficial to students’ credit rating, but it’s important to note that not all federal student loan consolidation companies report their loans to all credit bureaus; SLM Corporation (formerly Sallie Mae) does not report to Experian or Transunion, which means that students will have differing credit scores at Equifax, Transunion, and Experian.

Comments

Equity Line of Credit

Home Equity Line
Get more from your home for less.
Apply today

Home Equity Loans
Tables with lender’s current quotes
Plus calcs, news, tips, and more!

Equity Line Of Credit
Find the Inside Scoop on Home
Equity Loans, Current Rates & more.

Personal Loans
Secured and Unsecured Personal
Loans - Whatever Your Situation

Simple Credit Card Finder
Find out which cards & what limit
you qualify for before applying.

Got Bad Credit?
Insider Secrets on how to Legally
Fix Your Bad Credit in 24 Hours.

Home Equity Credit Line
Free information and advice
Try Free Living Advice today!

Equity Line Of Credit
10 Facts You Need To Know About
Home Equity Loans - Expert Advice

Fix Your Bad Credit Now
Everything You Need to Fix Your Bad
Credit in 30 seconds. It’s so Easy!

Answers- Credit and Loans
Get information for credit cards,
loans and debt consolidation.

Equity line of credit
Search Online at Tunu.com for
Equity line of credit Info

Equity Line Of Credit
Information, articles and resources
all about Line of Credit.

Equity Line Of Credit
We can help you find anything you
need for Equity Line Of Credit

Build Real Estate Wealth
Want to invest in real estate and
retire early? You can - heres how.

Equity Line of Credit
Financial information that will
help you find a line of credit.

Low Home Equity Rates
Compare Lenders and Save! Easy,
Free, Online Lending Guide.

Line of Credit Guide
Online search directory providing
information on lines of credit

Comments

· Next entries »